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Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases Leases:
Lessor Leases:
The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses.
Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2025 and 2024:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Leasing revenue—fixed payments$179,312 $152,357 $536,349 $449,948 
Leasing revenue—variable payments58,875 51,231 172,566 147,685 
Provision for doubtful accounts(955)(140)(3,311)(4,572)
$237,232 $203,448 $705,604 $593,061 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2026$591,552 
2027512,374 
2028435,767 
2029359,776 
2030278,437 
Thereafter1,007,828 
$3,185,734 
Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease.
The following table summarizes the lease costs for the three and nine months ended September 30, 2025 and 2024:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Operating lease costs$3,478 $3,281 $10,229 $9,818 
Finance lease costs:
   Amortization of ROU assets— 103 7 1,078 
   Interest on lease liabilities— 24 10 239 
$3,478 $3,408 $10,246 $11,135 
The following table summarizes the future rental payments required under the leases:        
September 30, 2025
Year ending December 31,Operating
Leases
2025$3,224 
202612,123 
202712,224 
20289,106 
20296,908 
Thereafter76,408 
Total undiscounted rental payments119,993 
Less imputed interest(50,261)
Total lease liabilities$69,732 
Weighted average remaining term23.9 years
Weighted average incremental borrowing rate6.9 %
Leases Leases:
Lessor Leases:
The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses.
Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2025 and 2024:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Leasing revenue—fixed payments$179,312 $152,357 $536,349 $449,948 
Leasing revenue—variable payments58,875 51,231 172,566 147,685 
Provision for doubtful accounts(955)(140)(3,311)(4,572)
$237,232 $203,448 $705,604 $593,061 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2026$591,552 
2027512,374 
2028435,767 
2029359,776 
2030278,437 
Thereafter1,007,828 
$3,185,734 
Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease.
The following table summarizes the lease costs for the three and nine months ended September 30, 2025 and 2024:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
Operating lease costs$3,478 $3,281 $10,229 $9,818 
Finance lease costs:
   Amortization of ROU assets— 103 7 1,078 
   Interest on lease liabilities— 24 10 239 
$3,478 $3,408 $10,246 $11,135 
The following table summarizes the future rental payments required under the leases:        
September 30, 2025
Year ending December 31,Operating
Leases
2025$3,224 
202612,123 
202712,224 
20289,106 
20296,908 
Thereafter76,408 
Total undiscounted rental payments119,993 
Less imputed interest(50,261)
Total lease liabilities$69,732 
Weighted average remaining term23.9 years
Weighted average incremental borrowing rate6.9 %